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Premarket: Global stocks wilt after U.S. bond yield jump as rate cut doubts resurface

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U.S. yields climbed after consumer confidence data came in stronger than expected and Fed’s Neel Kashkari said further rate hikes were still a possibility

U.S. government bond yields pushed to a near four-week peak, lifting their global counterparts and pressuring stocks, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts.

The benchmark 10-year U.S. Treasury yield rose as high as 4.576 per cent, a level not seen since May 3, and was last up two basis points at 4.566 per cent. Yields move inversely to prices. Traders currently put the odds of at least a quarter-point interest rate cut by September at around 44 per cent following the data, from a coin toss a day earlier, according to the CME Group’s FedWatch Tool.

Gupta said the release of U.S. personal consumption expenditure inflation data on Friday will be an important guide for Fed policy. Economists expect PCE inflation - the Fed’s preferred measure - held steady at 2.7 per cent in April from the same level in March. In energy markets, Brent crude oil futures for July delivery rose 0.65 per cent to $84.78 a barrel, the highest since May 1, while U.S. crude futures climbed 0.74 per cent to US$80.42.

 

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